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Home My WebLink AboutDMCC Resolution No. 141-2023 (DMCC 2023 Funding Request and Extension of Working Capital Loan)DESTINATION MEDICAL CENTER CORPORATION RESOLUTION NO. 141-2023 Approving the 2024 DMCC Funding Request and the Extension of Working Capital Loan and Authorizing Transmittal to the City of Rochester The following Resolution was offered by Brooke Carlson, seconded by Douglas M. Baker, Jr. BACKGROUND RECITALS WHEREAS, the Destination Medical Center Corporation (“DMCC”) must adopt an annual Funding Request and Five Year Capital Plan. The DMCC Funding Request includes the DMCC annual budget, the Destination Medical Center Economic Development Agency (“EDA”) annual budget and work plan, and support costs incurred by the City of Rochester; and WHEREAS, on February 26, 2015, the DMCC adopted Resolution No. 26-2015, approving the form of and authorizing the Chair and Treasurer to execute, amend, and take other actions to implement the working capital loan documents to provide for advance funding of DMCC and EDA operations (collectively, the “Loan Documents”); and WHEREAS, the DMCC has completed the required annual reconciliation of the advances to the DMCC and the DMCC eligible expenses and has prepared a DMCC Request for Extension of the Working Capital Loan for 2024 in the amount of $1000, as such amount may be adjusted by the City pursuant to Section 2.8(c) of the Working Capital Loan Agreement (DMCC-City) effective April 1, 2014, as amended; and WHEREAS, the EDA has submitted an EDA Request for Extension of the Working Capital Loan for 2024, requesting that the Loan Documents be extended for 2024 in the amount of $100,000, as such amount may be adjusted by the City pursuant to Section 2.8(c) of the Working Capital Loan Agreement (DMCC-EDA), effective April 1, 2014, as amended, and has provided the required annual reconciliation of advances and eligible expenses paid from such advances; and WHEREAS, the DMCC and EDA Requests for Extension of the Working Capital Loan for 2024 are attached as Exhibit A. RESOLUTION NOW, THEREFORE, BE IT RESOLVED, by the Destination Medical Center Board of Directors that the 2024 DMCC Funding Request, and the Five Year Capital Plan, each on file with the DMCC, are approved. Further, the DMCC hereby approves the projects set forth in the first year of the Five Year Capital Plan as public infrastructure projects within the meaning of Minnesota Statutes Section 469.40, Subdivision 11, and consistent with the Development Plan, adopted on April 23, 2015, as amended; provided that (1) final approval of each of the capital projects will be subject to a later specific approval by the DMCC upon final determination of scope, costs, and availability of funds; (2) for the Chateau Theatre project, further detail and 2 information regarding future capital needs, potential funding sources, anticipated uses, operating and business model, and expected operating duration will be necessary before consideration of any additional funding after the 2024 CIP; and (3) staff is directed to provide an annual reconciliation of budget amounts and expenditures for each of the capital projects. BE IT FURTHER RESOLVED, that the EDA Request for Extension of the Working Capital Loan for 2024, and the DMCC Request for Extension of the Working Capital Loan for 2024, attached as Exhibit A and on file with the DMCC, are approved. BE IT FURTHER RESOLVED, that the Chair and Treasurer are hereby authorized and directed to transmit this Resolution to the City of Rochester and to take such actions as are necessary or convenient to effectuate the 2024 DMCC Funding Request, the Five Year Capital Plan, and the extension of the Loan Documents, including, but not limited to, the authority to execute, deliver, and perform, in the name of and on behalf of the DMCC, the DMCC Request for Extension of the Working Capital Loan for 2024 and the Loan Documents to which the DMCC is a party, with such modifications, additions, deletions, or other changes as the Chair and Treasurer may deem necessary or appropriate to accomplish the requested extension, all which may be performed without further action of this Board. The question was on the adoption of the Resolution and there were 7 YEAS and 0 NAYS, as follows: BOARD OF DIRECTORS Destination Medical Center Corporation YEA NAY OTHER Douglas M. Baker, Jr. X _____ _____ James R. Campbell X _____ _____ Brooke Carlson X _____ _____ Kim Norton X _____ _____ R.T. Rybak _____ _____ Mark Thein X _____ _____ Pamela Wheelock X _____ _____ Paul D. Williams X _____ _____ RESOLUTION ADOPTED on September 28, 2023. ATTEST: Pamela Wheelock, Chair Destination Medical Center Corporation 747331-5 ATTACHMENT 1: RECONCILIATION OF DMCC TRANCHE ADVANCES Through July 31, 2023 DMCC Bank Account Beginning Bank Balance DMCC Bank Charges Adjustments - bank fees returned Adjustments - change in amount Interest Earnings EDA Funding Requested Actual Funded Checks Difference Ending Bank Balance Reconciling Items Interest Bank Fees Net Ending Bank Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3,418.00 895.04 898.36 1,000.00 1,000.00 4,000.00 3,875.14 7,125.40 1,001.28 1,000.17 1,000.46 1,001.03 104.96 101.64 99.22 106.95 101.59 101.30 105.98 102.87 112.09 114.27 114.56 112.48 0.31 1.75 1.99 0.35 1.38 4.21 2.97 182,223.73 137,024.29 270,117.73 100,925.97 113,020.45 169,491.52 220,595.40 157,763.47 105,953.76 170,650.09 158,864.30 241,601.59 179,805.73 137,129.25 270,318.59 101,032.92 116,122.04 172,631.44 226,824.89 175,668.67 107,089.39 176,166.03 158,975.22 245,927.21 3,163.79 2,875.00 23,928.44 1,025.00 5,402.76 4,215.08 (2,418.00) 104.96 200.86 106.95 3,101.59 (23.87) 3,354.49 (6,023.24) 110.63 113.18 110.92 110.54 895.04 898.36 1,000.00 1,000.00 4,000.00 3,875.14 7,125.40 1,001.28 1,000.17 1,000.46 1,001.03 1,002.06 - - - - - - - - - - - - - - - - - - - - - - - - 895.04 898.36 1,000.00 1,000.00 4,000.00 3,875.14 7,125.40 1,001.28 1,000.17 1,000.46 1,001.03 1,002.06 895.04 898.36 1,000.00 1,000.00 4,000.00 3,875.14 7,125.40 1,001.28 1,000.17 1,000.46 1,001.03 1,002.06 0.00 0.00 0.00 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 2022 ATTACHMENT 1 DMCC Working Capital Loan Account Reconciliation 2022 - 2023 A1-1 DMCC Bank Account Beginning Bank Balance DMCC Bank Charges Adjustments - bank fees returned Adjustments - change in amount Interest Earnings EDA Funding Requested Actual Funded Checks Difference Ending Bank Balance Reconciling Items Interest Bank Fees Net Ending Bank Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,002.06 3,183.45 1,003.42 1,000.96 1,001.71 1,004.48 134,000.39 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 113.79 118.90 110.91 114.67 114.45 113.92 113.15 1,293.00 3.24 4.91 4.64 3.92 5.05 4.87 16.47 187,944.61 126,146.94 201,229.07 164,428.41 225,818.79 116,442.38 372,526.04 194,343.55 133,632.28 201,332.88 170,278.58 232,328.34 249,547.34 243,921.07 5,400.00 9,551.38 5,738.67 6,397.38 4,295.62 998.94 (2,066.04) 103.81 111.50 112.17 133,104.96 (132,900.59) - - - - - 3,183.45 1,003.42 1,000.96 1,001.71 1,004.48 134,000.39 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 - - - - - - - - - - - - - - - - - - - - - - - 3,183.45 1,003.42 1,000.96 1,001.71 1,004.48 134,000.39 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 3,183.45 1,003.42 1,000.96 1,001.71 1,004.48 134,000.39 1,003.12 (0.00) (0.00) (0.00) (0.00) (0.00) - (0.00) 1,003.12 1,003.12 1,003.12 1,003.12 1,003.12 2023 A1-2 ATTACHMENT 2: EDA REQUEST FOR EXTENSION OF THE WORKING CAPITAL LOAN FOR 2024 ATTACHMENT 2 A2-1 A2-2 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:7/31/2022 Balance per Bank:123,134.82$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Receivable: Payroll Payroll -$ Mitel BlueCross BlueShield 8,609.54$ 7/21/2022 Check cleared 319.00$ 5/17/2022 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 37.00$ min pmt CCC (6,213.59)$ Cash Flow (20,000.00)$ Outstanding checks (129.22)$ Allison Bowman Outstanding checks (102.52)$ Smith Schafer Outstanding checks (901.76)$ Data Smart Outstanding checks (919.05)$ Data Smart Outstanding checks (232.47)$ Arnold's Outstanding checks (89.42)$ Aon Outstanding checks (3,356.51)$ Mike Flynn Advance Total reconciled 100,000.00$ A2-3 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:8/31/2022 Balance per Bank:124,794.04$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Receivable: Payroll -$ Mitel 531.10$ 8/22/2022 BlueCross BlueShield -$ Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 26.00$ min pmt CCC (3,573.10)$ 7/6 credit card Cash Flow (20,000.00)$ Outstanding checks (129.22)$ Allison Bowman Outstanding checks (1,493.00)$ Kevin Bright Advance Total reconciled 100,000.00$ A2-4 A2-5 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:10/31/2022 Balance per Bank:75,904.79$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:(1,000.00)$ Grant admin Payroll 10/28 75.00$ 230.76$ 11,733.63$ 29,301.82$ 4,584.67$ 45,925.88$ (5,308.52)$ 10/28 payroll Mitel 555.93$ 10/19/2022 BlueCross BlueShield 12,672.96$ 10/24/2022 Checks cleared not yet requested 73.37$ 9/27/2022 Checks cleared not yet requested 103.79$ 9/27/2022 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC (3,573.10)$ 7/6 credit card CCC (2,133.43)$ 8/4 credit card CCC (2,369.84)$ 9/6 credit card Cash Flow (20,000.00)$ Outstanding checks (429.42)$ Aon Outstanding checks (340.59)$ Squeegee Squad Advance Total reconciled 100,000.00$ A2-6 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:11/30/2022 Balance per Bank:62,604.07$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 11/25 75.00$ 230.76$ 11,709.78$ 29,159.60$ 4,584.67$ 45,759.81$ (5,308.51)$ 11/25 payroll Mitel 561.18$ 11/22/2022 BlueCross BlueShield 11,349.52$ 11/22/2022 Checks cleared not yet requested 131.65$ Amazon 138.13 - 6.48 Checks cleared not yet requested 21.40$ Amazon 11/22 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC 21.00$ min cc payment Fidelity (4,584.67)$ Over requested Amazon (141.59)$ Over requested Outstanding checks (3,242.01)$ Patrick Outstanding checks (1,641.58)$ Kevin Outstanding checks (5,473.35)$ Mike Outstanding checks 24.90$ Transfer from events / ER not approved Advance Total reconciled 100,000.00$ A2-7 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:12/31/2022 Balance per Bank:49,920.56$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 12/23 75.00$ 230.76$ 13,598.73$ 32,180.44$ 2,262.03$ 48,346.96$ (5,588.22)$ 12/23 payroll Mitel 561.18$ 12/22/2022 BlueCross BlueShield 11,491.42$ 12/21/2022 Checks cleared not yet requested 11.88$ Amazon 12/21/22 Checks cleared not yet requested 21.60$ Amazon 12/20/22 Checks cleared not yet requested 4.70$ Amazon 12/22/22 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC 21.00$ min cc payment CCC 17.00$ min cc payment Fidelity (4,584.67)$ Over requested Amazon (141.59)$ Over requested Advance Total reconciled 100,000.00$ A2-8 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:1/31/2023 Balance per Bank:100,508.72$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll -$ 12/23 payroll Mitel 561.18$ 1/23/2023 BlueCross BlueShield 10,167.78$ 1/23/2023 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC 21.00$ min cc payment CCC 17.00$ min cc payment CCC 58.00$ min cc payment Credit Card (5,207.55)$ 10/5 stmt Credit Card (1,311.75)$ 11/3 stmt Credit Card (1,530.08)$ 12/5 stmt Uncleared check (102.52)$ Smith Schafer Uncleared check (1,466.94)$ Data Smart Uncleared check (89.39)$ Aon Uncleared check (1,543.63)$ Patrick Seeb Advance Total reconciled 100,000.00$ A2-9 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:2/28/2023 Balance per Bank:50,713.11$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 2/17 221.15$ 230.76$ 14,709.10$ 29,707.26$ 6,208.51$ 51,076.78$ (5,597.29)$ 2/17 payroll Mitel 561.18$ 2/21/2023 BlueCross BlueShield 10,829.60$ 2/21/2023 Amazon 90.18$ 2/14 - 2/22 EFT's Lincoln Life 404.88$ 2/2/2023 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC 21.00$ min cc payment CCC 17.00$ min cc payment CCC 58.00$ min cc payment Credit Card (5,207.55)$ 10/5 stmt Credit Card (1,311.75)$ 11/3 stmt Credit Card (1,530.08)$ 12/5 stmt Refund (43.24)$ Amazon 2/27 Advance Total reconciled 100,000.00$ A2-10 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:3/31/2023 Balance per Bank:55,015.05$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 3/31 221.15$ 230.76$ 15,242.33$ 31,016.18$ 46,710.42$ (4,948.89)$ 3/31 payroll Mitel 561.18$ 3/22/2023 BlueCross BlueShield 10,829.60$ 3/21/2023 Checks cleared 65.00$ #5531 Checks cleared 30.72$ Amazon Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 74.00$ min cc payment CCC 21.00$ min cc payment CCC 17.00$ min cc payment CCC 58.00$ min cc payment CCC 10.00$ min cc payment Credit Card (5,207.55)$ 10/5 stmt Credit Card (1,311.75)$ 11/3 stmt Credit Card (1,530.08)$ 12/5 stmt Outstanding check (237.88)$ C to Shining C Advance Total reconciled 100,000.00$ A2-11 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:4/30/2023 Balance per Bank:88,854.14$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 4/28 230.76$ 15,493.00$ 221.15$ 31,597.79$ 47,542.70$ 4/28 payroll Mitel 556.34$ 4/20/2023 BlueCross BlueShield 10,829.60$ 4/21/2023 Checks cleared 65.00$ #5531 Checks cleared 2,443.10$ Nationwide Checks cleared 1,129.00$ The Hartford Checks cleared 345.28$ Amazon 4/18 Checks cleared 7.56$ Amazon 4/26 Checks cleared 59.43$ Amazon 4/25 Checks cleared 23.78$ Amazon 4/24 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit Transfer (50,000.00)$ cash flow Outstanding check (1,315.89)$ Data Smart 4/1 invoices Outstanding check (384.22)$ Mike Flynn ER 4/10 Advance Total reconciled 100,000.00$ A2-12 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:5/31/2023 Balance per Bank:96,581.04$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payable:Grant admin - Payroll 5/26 221.15$ 230.76$ 15,528.20$ 31,672.25$ 6,017.71$ 53,670.07$ (5,595.16)$ 5/26 payroll Mitel 556.34$ 5/22/2023 BlueCross BlueShield 10,829.60$ 5/23/2023 Checks cleared 65.00$ #5531 Checks cleared 345.28$ Amazon 4/18 Checks cleared 784.25$ Amazon 5/31 Checks cleared 21.51$ Amazon 5/26 Checks cleared 17.05$ Amazon 5/16 Checks cleared 43.24$ Amazon 5/15 Checks cleared 40.08$ Amazon 5/23 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 10.00$ min pmt Transfer (50,000.00)$ cash flow Outstanding check (2,764.75)$ Data Smart #5537 Outstanding check (297.34)$ C to Shining C Outstanding check (121.10)$ Squeegee Squad Outstanding check (4,029.29)$ PS ER Advance Total reconciled 100,000.00$ A2-13 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:6/30/2023 Balance per Bank:23,360.07$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payroll 6/9 221.15$ 230.76$ 15,748.67$ 31,917.65$ 6,208.51$ 54,326.74$ (5,720.15)$ 6/9 payroll Payable:(1,000.00)$ Grant admin - June Payroll 6/23 221.15$ 230.76$ 15,349.35$ 31,064.37$ 6,208.51$ 53,074.14$ (5,588.22)$ 6/23 payroll Mitel 556.34$ 5/22/2023 BlueCross BlueShield 10,829.60$ 5/23/2023 Mitel 556.34$ 6/20/2023 BlueCross BlueShield 10,829.60$ 6/21/2023 Checks cleared 65.00$ #5531 Checks cleared 345.28$ Amazon 4/18 Checks cleared 17.05$ Amazon 5/16 Checks cleared 43.24$ Amazon 5/15 Checks cleared 396.66$ Lincoln National Checks cleared 4,588.04$ #5548 Checks cleared 1,720.34$ #5550 Checks cleared 1,592.69$ #5551 Checks cleared 153.06$ Amazon 6/21 Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 10.00$ min pmt Transfer (50,000.00)$ cash flow Advance Total reconciled 100,000.00$ A2-14 DMC EDA Operating Account Reconciliation of Bank Balance to Advance Total Bank Balance Date:7/31/2023 Balance per Bank:117,354.26$ Add: Advance in transit for expense cleared bank or expenses not yet requested- Payroll -$ Payable: Mitel 556.43$ 6/20/2023 BlueCross BlueShield 10,829.60$ 7/21/2023 Checks cleared 65.00$ #5531 Checks cleared 345.28$ Amazon 4/18 Checks cleared 153.06$ Amazon 6/21 Receivable 849.47$ Due from Events account Less: Advance for expenses not cleared: Misc CCC (155.82)$ remaining credit card credit CCC 10.00$ min pmt CCC 32.00$ min pmt Payable:(39.28)$ Additional due to Mike due to ER change Transfer (50,000.00)$ cash flow Transfer 20,000.00$ cash flow Advance Total reconciled 100,000.00$ A2-15